N.Y. GCM Law § 19
This is the official text of N.Y. GCM Law § 19, part of New York’s GCM Law — part of the compiled statutory law of New York, published by the state as "GCM Law." Browse the sections below, each linked to its official government source.
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Computation of net income
Official statutory text
§ 19. Computation of net income. The net income shall be computed in\naccordance with the method of accounting regularly employed in keeping\nthe books of such taxpayer; but if no such method of accounting has been\nso employed, or if the method employed does not clearly reflect the\nincome, the computation shall be made upon such basis and in such manner\nas in the opinion of the director of finance does clearly reflect the\nincome. In determining net income, war losses, taxation of property\nrecovered, and basis of property shall be treated in substantially the\nsame manner as such losses, recoveries and basis are treated under the\napplicable provisions of section thirteen hundred thirty-one of the\ninternal revenue code.\n
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